Reading contracts

By
Real Estate Agent with Keller Williams Realty

Reading contracts should be a must no matter how long one has been a Realtor. So often the only focus is price and closing date. Reading the entire contract at least once during negotiations helps in allowing time to digest and not over react. It does not help to get caught in all the little details to the point of forgetting the goal. This can avoid conflict during the transactionand should be explained and communicated to clients. Often it is good to bring up that conversation as things progress. Client have often been grateful at closing being amazed that this particular closing went so smoothly.

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Posted by

Bonner Thomason

Comments (7)

Wade Kawahara
Dominion Real Estate Partners, LLC - Phoenix, AZ

Bonner, that is great advice.  An agent should know the contract inside and out, otherwise he is not representing his client in the best manner.

Aug 10, 2010 06:02 PM
ASHEVILLE REALTY REFERRAL RESOURCE 828-776-0779
REAL ESTATE REFERRAL NETWORK - Asheville, NC
CONTACT janeAnne365@gmail.com

Bonner~

I sure agree with ya' on that! And here in NC the language seems to change every year!

Aug 10, 2010 06:06 PM
Ben Benita
Ben Benita - Gainesville, VA
Speaker, Author, Game Changer, Coach

so so so true....I have seen all types of contracts handling short sales (I run a negotiations company).

All types of sneaky little things get stuck in there.....we work with 2 attorney firms and always recommend clients have an attorney review documetns before signing.

Sincerely,

Ben Benita

Short Sale Speaker, Radio Guest

Author - "Are You More Likely To See Bigfoot Or A Short Sale Approval Letter?"

......Get your copy NOW on Amazon under "Books, and "Short Sale Bigfoot", and GET YOUR SHORT SALES CLOSED!!!

 Office -- 703-754-7551

Aug 10, 2010 06:10 PM
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,GRI,SRES, Brea,CA, Orange Co

Hi Bonner,

So very true. For me not only reading the contract, but also "understanding" the contract frontwards and backwards.

 I'm amazed how many times I come across an agents who questions something, and I say "well it's because it in the contract."  As the broker in the office when an agent comes to me with an issue, I usually say the same thing "what does your contract say"....it's the blueprint/foundation of the transaction.

Aug 10, 2010 06:29 PM
Don Spera
CR Property Group, LLC - East York, PA
Serving York and Adams County, PA

Bonner, as much as a pervert can slip a micky into a drink, other Realtors can slip verbiage into a contract that can be a deal killer or give reason for concern and needs to be addressed.  Our contracts are over 20 pages long now, but the first 6 pages or so are the only areas that you can write what you need to, unless you submit a separate addendum.  At least those are the only pages you have to focus on unless you see some scribbling out and initials on the remainder of the agreement.

Aug 10, 2010 06:32 PM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Bonner,

It would be an act of total disregard of our standards to not read and understand (even clarify) the contract.

Aug 10, 2010 06:46 PM
Brittany Stewart
Luxe Realty Group - Plano, TX
Making Dallas Home

Amen! lol I think that are some Realtors who just don't know what they're writing!  Our board seems to update our contracts quiet frequently, so you better be on your toes or you could miss something!

Aug 11, 2010 06:07 PM